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. >> if nothing is done by the end of the year to avoid the fiscal cliff, automatic federal spending cuts could impact the foot we eat. emily schmidt explains. >> preparing for holidays is a reminder of something else around the corner. >> i just can't imagine funding being cut at this point. it was be tragic. >> she is worried budget cuts would hurt food safety inspection. that's mattered to her since her twins her born in 1999. she and her babies got listeria poisoning. contaminated food sickens about 48 million a year. 3,000 die. so the fda and usda are charged with protecting the simply. an 8.2 budget cut translates to $157 million. there's no word exactly what cuts would mean to staffing. >> both fda and usda are stretched pretty thin when it comes to the activities they do. they need increased resources and not fewer. >> agencies always say they're stretched. >> dean clancy is with freedom works and says the cuts leave nothing to fear. >> arguing that getting spending under control endangers public health and safety is a really irresponsible scare tactic. especially when you re
. >> if nothing is done by the end of the year to avoid the fiscal cliff, automatic federal spending cuts could impact the foot we eat. emily schmidt explains. >> preparing for holidays is a reminder of something else around the corner. >> i just can't imagine funding being cut at this point. it was be tragic. >> she is worried budget cuts would hurt food safety inspection. that's mattered to her since her twins her born in 1999. she and her babies got listeria...
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Sep 24, 2012
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the spending cuts when you look at the fiscal cliff spending cuts it is government salaries, private sector contracts, food safety. they will have to squeeze money out of all of those areas, fbi, fema. food assistance, education grants. they will be taking a hatchet and just cutting programs so that they can abide by the law, the law to cut all of these costs. >> those look like the obvious big chunks. when you go to another chunk and that is research and development. can you sort of outline for me what sort of a tipping point is that? >> so a lot of people who follow science and innovation are concerned. if we are going to lead into the next century we have to maintain our innovative edge. the fiscal cliff will mean big cuts to federally funded research. and this is the way one of the industry groups has looked at this. 200,000 job cuts by next year. the cost of gdp could be $860 billion. so what does that mean? how much is that? if you look at the low end of estimates for what the economy will be hurt, how badly hurt by just cuts it is six months of new vehicle perches, two years o
the spending cuts when you look at the fiscal cliff spending cuts it is government salaries, private sector contracts, food safety. they will have to squeeze money out of all of those areas, fbi, fema. food assistance, education grants. they will be taking a hatchet and just cutting programs so that they can abide by the law, the law to cut all of these costs. >> those look like the obvious big chunks. when you go to another chunk and that is research and development. can you sort of...
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Dec 11, 2012
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if no deal is struck and the fiscal cliff comes, then $600 billion in automatic tax increases and spending cuts will kick in. that could affect a lot of programs in this room, and that will absolutely leave an awful lot of voters, democratic and republican, unhappy. >> tom, you even picked red and green for the season? i'm kidding. tom foreman explaining to us in a way that absolutely no one else can. we have got to figure out a way to bottle this guy. he's awesome. so now i can be in the scene. advair is clinically proven to help significantly improve lung function. unlike most copd medications, advair contains both an anti-inflammatory and a long-acting bronchodilator working together to help improve your lung function all day. advair won't replace fast-acting inhalers for sudden symptoms and should not be used more than twice a day. people with copd taking advair may have a higher chance of pneumonia. advair may increase your risk of osteoporosis and some eye problems. tell your doctor if you have a heart condition or high blood pressure before taking advair. if you're still having diff
if no deal is struck and the fiscal cliff comes, then $600 billion in automatic tax increases and spending cuts will kick in. that could affect a lot of programs in this room, and that will absolutely leave an awful lot of voters, democratic and republican, unhappy. >> tom, you even picked red and green for the season? i'm kidding. tom foreman explaining to us in a way that absolutely no one else can. we have got to figure out a way to bottle this guy. he's awesome. so now i can be in the...
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Dec 7, 2012
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look, you are talking about the fiscal cliff, 25 days away until these tax hikes and federal spending cuts go into effect. you are looking at wall street. it is not making any big moves because of the uncertainty of what is going to happen with this. how long are politicians going to continue dragging their feet. and it is not just wall street. you know, it is beginning to eat into consumer confidence. we just got this index, university of michigan consumer confidence index. just a short time ago, this morning. it showed that consumer confidence plunged and in the first week of its month because americans don't know what to expect taxwise. that's a bad sign for retailers at the most important time of the year. the holidays. because guess what, if consumers aren't feeling confident, they are no going to spend. that domino effect that hit retailers, many of these retailers depend on the holiday sales to push them into a profit important the year. this is what's weighing out there in -- you know, for consumers, yes. fiscal cliff definitely weighing on things. despite the fact that the jo
look, you are talking about the fiscal cliff, 25 days away until these tax hikes and federal spending cuts go into effect. you are looking at wall street. it is not making any big moves because of the uncertainty of what is going to happen with this. how long are politicians going to continue dragging their feet. and it is not just wall street. you know, it is beginning to eat into consumer confidence. we just got this index, university of michigan consumer confidence index. just a short time...
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Dec 2, 2012
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cliff, the automatic spending cuts and tax increases that go into effect january 1. >> i think we're farther apart but we're coming together. >> i think we're nowhere, period. >> thursday treasury secretary tim geithner presented obama's plan, including $1.4 trillion in tax increases. >> there's not going to be an agreement without rates going up. >> president obama also proposed a $16 billion of spending cuts. >> i'm just flabbergasted. i looked at him and said you can't be serious. >> the house speaker says republicans put increased revenues including efforts to close tax loopholes and put the tax cuts on the table instead of raising tax rates for anyone. >> if there's another way to get income from upper income americans that doesn't hurt our economy, then why wouldn't we consider it. >> those are publicly unchanged deadlines. whether political theater or political reality, there's more to going over the fiscal cliff far beyond hypothetical. >> i think we're going over the clif. >> if they are going to force higher rates on virtually all americans because they're unwilling to let
cliff, the automatic spending cuts and tax increases that go into effect january 1. >> i think we're farther apart but we're coming together. >> i think we're nowhere, period. >> thursday treasury secretary tim geithner presented obama's plan, including $1.4 trillion in tax increases. >> there's not going to be an agreement without rates going up. >> president obama also proposed a $16 billion of spending cuts. >> i'm just flabbergasted. i looked at him and...
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Dec 10, 2012
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unless congress acts to avert the so-called fiscal cliff. in addition, several key tax benefits are scheduled to expire at the end of the year that will have a direct impact on the pocketbooks of many americans. take a couple with one child living in new york earning $100,000. their tax rate jumps from 25% to 28%. they could be hit by the alternative minimum tax. the child tax credit drops from $1,000 to $500, and payroll taxes could be $2,000 more next year. for a single 25-year-old in michigan who works for time earning $30,000 a year and going to school part time, his tax rate would stay the same at 15%, but he would lose the american education tax credit and have to pay more than $600 in payroll taxes. and even though it's weeks before the changes would take effect, the impact is already being felt because of uncertainty. 401(k) plans are taking a hit. several companies have put a freeze on hiring. and the next thing to watch for, the retail sector which makes most of its money in the final weeks of the year. >> i'm shortening down the l
unless congress acts to avert the so-called fiscal cliff. in addition, several key tax benefits are scheduled to expire at the end of the year that will have a direct impact on the pocketbooks of many americans. take a couple with one child living in new york earning $100,000. their tax rate jumps from 25% to 28%. they could be hit by the alternative minimum tax. the child tax credit drops from $1,000 to $500, and payroll taxes could be $2,000 more next year. for a single 25-year-old in...
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Dec 19, 2012
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cliff including big spending cuts that happen is to get a deal done. one other interesting note i want to point out is that as we were talking, grover norquist, who is a pretty powerful guy with republicans, he's gotten most of the house republicans to sign a pledge vowing not to raise taxes. he said officially that he does not believe that this vote that the speaker is pushing tomorrow to keep tax rates where they are for people making a million dollars or less is -- would break the pledge. he gave conservatives a pass or cover, which is a big deal because of another subplot has been whether or not the speaker can even get enough of his own party to vote for taxes to go up for people making a million dollars or more. so that's interesting. >> all right. all the back behind the scenes workings as well. dana, thank you. good to see you. >>> long-time gun control add v voe indicates say the time is it to act now. carolyn's husband was killed. she said the elementary school shootings in newtown were a turning point. >> there is always sadness after a mass
cliff including big spending cuts that happen is to get a deal done. one other interesting note i want to point out is that as we were talking, grover norquist, who is a pretty powerful guy with republicans, he's gotten most of the house republicans to sign a pledge vowing not to raise taxes. he said officially that he does not believe that this vote that the speaker is pushing tomorrow to keep tax rates where they are for people making a million dollars or less is -- would break the pledge. he...
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Dec 30, 2012
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. >>> all day i we have been following developments on the fiscal cliff talks. right now, senate leaders at an impasse over tax hikes and they are running out of time n just two days, those massive tax hikes and spending cuts will kick n so, let's go now to jessica yellin in washington. jessica has been monitoring events at the white house. you first reported to thanks minority leader mitch mcconnell, vice president bind have been in talks and i'm wondering, with no disrespect to the vice president what can he do? what does he bring? >> reporter: hi, martin. well, he bring morse than 350 years of experience on capitol hill and an ability to make deals. and you know, mick mcconnell, the senate minority leader said he was looking for a dance partner. i guess sort of -- you can think when you get bored dancing with one person, you switch over for a little while and try someone else. i have just been told that at this stage, it is senators mcconnell and biden and senator reid who are now again in the talks, sort of collectively so they are all in discussions broadly
. >>> all day i we have been following developments on the fiscal cliff talks. right now, senate leaders at an impasse over tax hikes and they are running out of time n just two days, those massive tax hikes and spending cuts will kick n so, let's go now to jessica yellin in washington. jessica has been monitoring events at the white house. you first reported to thanks minority leader mitch mcconnell, vice president bind have been in talks and i'm wondering, with no disrespect to the...
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Dec 3, 2012
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cliff. the automatic spending cuts and tack increases that begin to kick in if there's no agreement by january 1st. 16 days to get here. >> i think we're far apart still, but i think we're moving closer together. >> i would say we're nowhere, period. we're nowhere. >> reporter: thursday treasury secretary timothy geithner proposed president obama's plan which included $1.6 trillion in tax revenue coming largely from an expiration of bush era tax cuts for families who make more than $250,000 a year. geithner says that's a must. >> there's not going to be an agreement without rates going up. >> reporter: the administration's plan also included $50 billion in new stimulus spending. boehner says the entire proposal represented three weeks of wasted time. >> i was just flabbergasted. i looked at him and said you can't be serious. >> reporter: the house speaker says republicans have put increased revenues, including efforts to close tax loopholes and reform the tax code, on the table instead of ra
cliff. the automatic spending cuts and tack increases that begin to kick in if there's no agreement by january 1st. 16 days to get here. >> i think we're far apart still, but i think we're moving closer together. >> i would say we're nowhere, period. we're nowhere. >> reporter: thursday treasury secretary timothy geithner proposed president obama's plan which included $1.6 trillion in tax revenue coming largely from an expiration of bush era tax cuts for families who make more...
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Nov 25, 2012
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thanksgiving gave lawmakers a quick break from the fiscal cliff conundrum. now it's time to hunker down and get back to business. >> reporter: after meeting with president obama before the thanksgiving holiday -- >> i want to welcome the congressional leadership here. >> reporter: -- congressional leaders expressed optimism to reaching a deal. >> we had a very constructive meeting with the president. to talk about america's fiscal problem. >> we have a corner stones of being able to work something out. >> reporter: staffers have been working behind the scenes to fine common ground. among the big sticking points how to bring in more tax revenue and reduce spending on programs like medicare. but it's not yet clear when lawmakers and the president will meet next. even if some progress is made this week a final deal could still be a long way off. >> we rarely see the hill and the white house make decisions early. they tend to do better when they have a deadline so i would be pleasantly surprised to see it, a deal emerge earlier than the end the year but we'll se
thanksgiving gave lawmakers a quick break from the fiscal cliff conundrum. now it's time to hunker down and get back to business. >> reporter: after meeting with president obama before the thanksgiving holiday -- >> i want to welcome the congressional leadership here. >> reporter: -- congressional leaders expressed optimism to reaching a deal. >> we had a very constructive meeting with the president. to talk about america's fiscal problem. >> we have a corner...
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Nov 29, 2012
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the fiscal cliff? >> listen, there's a framework that we presented to the white house two weeks ago. the framework is -- has been agreed to in terms of really a down payment on the end of this year. that would include spending cuts and it would include revenue. setting up a process for entitlement reform next year, and tax reform next year. but this was way out of balance. and not a recognition on the part of the white house about the serious spending problem that we have. [ inaudible question ] going over the fiscal cliff, you called serious business, extending the lower tax rates -- [ inaudible question ] >> i'm going to do everything i can to avoid putting the american economy, the american people through the fiasco of going over the fiscal cliff. >> which is worse for the economy? [ inaudible question ] could you include a debt limit that is in the overall package? >> as i told the president a couple weeks ago, there's a lot of things i've wanted in my life, but almost all of them had a price tag a
the fiscal cliff? >> listen, there's a framework that we presented to the white house two weeks ago. the framework is -- has been agreed to in terms of really a down payment on the end of this year. that would include spending cuts and it would include revenue. setting up a process for entitlement reform next year, and tax reform next year. but this was way out of balance. and not a recognition on the part of the white house about the serious spending problem that we have. [ inaudible...
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Sep 11, 2012
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with the fiscal cliff if it doesn't act we will fall off this so-called fiscal cliff meaning spending cuts would expire, taxes would go up, it would have a huge negative impact on gdp and such a bad impact that the congressional budget office has predicted we're going to fall into a recession which is negative growth. so, you know, to be honest here it will take more than just an iphone to pull us out of that hole. it would be a nifty feature if the iphone could walk through congress and say can you guys get off your doves and do something? >> wouldn't that be great? a lot of people are wishing they would do more than that. alison kosik thanks so much. we're going to take a short break. i was spotting, but i had already gone through menopause. these symptoms may be nothing... but they could be early warning signs of a gynecologic cancer, such as cervical, ovarian, or uterine cancer. feeling bloated for no reason. that's what i remember. seeing my doctor probably saved my life. warning signs are not the same for everyone. if you think something's wrong... see your doctor. ask about gyn
with the fiscal cliff if it doesn't act we will fall off this so-called fiscal cliff meaning spending cuts would expire, taxes would go up, it would have a huge negative impact on gdp and such a bad impact that the congressional budget office has predicted we're going to fall into a recession which is negative growth. so, you know, to be honest here it will take more than just an iphone to pull us out of that hole. it would be a nifty feature if the iphone could walk through congress and say...
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fiscal cliff. not when it comes to entitlements. according to three new surveys a majority say no to raising the eligibility age for medicare. does the public think politicians in washington will hammer out a deal before the end of the year deadline? americans appear divided. a plurality in one poll say yes. a plurality in another are pessimistic. one thing most people agree on -- they want both sides to compromise to get a deal done. joe? >> cnn political editor paul steinhauser. thanks. coming up, a story and you ask yourself how could this happen? a baby girl caught in a custody battle between her biological father and the adoptive parents who said he never knew she was put up for adoption. our legal guys weigh in on the case. save you 15% today if you open up a charge card account with us. >> announcer: we all love a good deal during the holidays, especially identity thieves. they can open an account in your name and go on a serious spending spree. >> do you have cufflinks? >> mm-hmm. >> gold o
fiscal cliff. not when it comes to entitlements. according to three new surveys a majority say no to raising the eligibility age for medicare. does the public think politicians in washington will hammer out a deal before the end of the year deadline? americans appear divided. a plurality in one poll say yes. a plurality in another are pessimistic. one thing most people agree on -- they want both sides to compromise to get a deal done. joe? >> cnn political editor paul steinhauser. thanks....
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Nov 15, 2012
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most of what we hear about the fiscal cliff is panic and alarm and tax hikes and spending cuts and all of this is set to kick off at the beginning of the year. face the dire consequences or else. get your parachute. guess what, there's somebody who knows a thing or two about money who doesn't seem to be anywhere near as worried as those other people who are telling us we're about to plummet. it's billionaire warren buffett. he says as long as president obama holds firm on the wealthiest americans paying more taxes, we can just go on right over that fiscal cliff and we will not dive back into recession. how do i know this? because poppy harlow knows this. she sat down for the exclusive interview. you have the greatest access to warren. every time there's news, you seem to get it. i was looking at your interview earlier. he's very candid with you about this. this doesn't look like it's for political gain in any way. we're past the election. it's incredible what he said. >> it really surprised me. i can't think of another big-named ceo out there who feels this way about the fiscal cliff.
most of what we hear about the fiscal cliff is panic and alarm and tax hikes and spending cuts and all of this is set to kick off at the beginning of the year. face the dire consequences or else. get your parachute. guess what, there's somebody who knows a thing or two about money who doesn't seem to be anywhere near as worried as those other people who are telling us we're about to plummet. it's billionaire warren buffett. he says as long as president obama holds firm on the wealthiest...
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Dec 10, 2012
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keep in mind they're the ones trying to do the deal here to avert this fiscal cliff. the tax hikes, the spending cutting scheduled for the first of the week now. join ming me from washington is senator olympia snowe. are you hearing -- what might you be hearing between the president and spirit? >> i think it is optimistic in the sense that at least they have met once again because i think that that is going to be crucial and central to any resolution, to the fiscal cliff crisis. and the more they meet and more that they have these lines of communications opened on a daily basis and their staffs are meeting, the more likely we'll see a conclusion to this issue. but it is regrettable that it is this late in the day, given the uncertainty and the apprehension that it continues to create among the american people, and, of course, both within the markets here and abroad. but i think it is hopeful that they have begun to meet and have some discussions because i think we can breathe a sigh of relief that the lines of communication are open. >> are you breathing that sigh of
keep in mind they're the ones trying to do the deal here to avert this fiscal cliff. the tax hikes, the spending cutting scheduled for the first of the week now. join ming me from washington is senator olympia snowe. are you hearing -- what might you be hearing between the president and spirit? >> i think it is optimistic in the sense that at least they have met once again because i think that that is going to be crucial and central to any resolution, to the fiscal cliff crisis. and the...
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Nov 26, 2012
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the term fiscal cliff evokes scary imagery, but it is not so much a cliff as it is a set of stairs with the spending cuts and tax hikes getting more painful with each and every step. christine romans explains. >> reporter: when you look at the fiscal cliff from far away, it looks like a vertical drop. but get a bit closer and it looks like a staircase, right? let's start with the first stair, the debt ceiling. that's how this all began, remember? the debt ceiling is the total amount the u.s. government can borrow to meet its existing obligations. we hit it at the end of 2012. though default can be avoided into 2013, through what the treasury department terms extraordinary measures. in the summer of 2011, house republicans refused to raise the debt ceiling without an agreement to cut government spending. result was a debacle, a downgrade of u.s. credit for the first time in history and the formation of a committee to solve the problem late and the threat of the fiscal cliff is born. without a new deal on january 1st, tax hikes kick in. that includes the expiration of the so-called bush t
the term fiscal cliff evokes scary imagery, but it is not so much a cliff as it is a set of stairs with the spending cuts and tax hikes getting more painful with each and every step. christine romans explains. >> reporter: when you look at the fiscal cliff from far away, it looks like a vertical drop. but get a bit closer and it looks like a staircase, right? let's start with the first stair, the debt ceiling. that's how this all began, remember? the debt ceiling is the total amount the...
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Dec 27, 2012
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we're talking about the tack increases, the spending cuts that make up the fiscal cliff. president obama, he cut his christmas vacation short to deal with this crisis. he arrived back from hawaii just a short time ago, and the senate also returning to work today hoping to come up with some kind of agreement. but time is running out. jessica yellin, she has the latest from the white house. we've got dana bash following the developments on capitol hill. i want to start off with you, dana. what do we know about a possible compromise on the senate siepd what they might be proposed in fairly short order? >> compromise, i'm not so sure we'll see that. but i was told by a republican senator and democratic senator that the pr indicated before he left for hawaii that he, the president, is expected to send a piece of legislation up today with his scaled back tax plan. that's something that the president outlined in general terms on the friday before he left for hawaii and since then what we've been hearing from republicans, particularly mitch mcconnell's office is we can't talk abo
we're talking about the tack increases, the spending cuts that make up the fiscal cliff. president obama, he cut his christmas vacation short to deal with this crisis. he arrived back from hawaii just a short time ago, and the senate also returning to work today hoping to come up with some kind of agreement. but time is running out. jessica yellin, she has the latest from the white house. we've got dana bash following the developments on capitol hill. i want to start off with you, dana. what do...
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Nov 12, 2012
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warning, there are now just 50 days until the country hits the fiscal cliff. that's when the automatic spending cuts go into effect and taxes go up for everyone. it could have a potentially disastrous impact on the economy. congress is off but they do come back tomorrow and on friday congressional leaders are expected at the white house. oh, to be a fly on the wall on that one. dana bash is going to be with them. i'm kidding. she is not. it's going to be very closed door. but don't you wish you could be in that meeting and do you think that anything will actually happen? >> oh, of course. because, look, publicly since the election there's been a more conciliatory tone on both sides of the aisle. it's been a basic post election posturing after what really generally is a status quo election. look, it is very cliche, ashleigh, the devil is in the details. democrats say they want to let tax cuts for those making $250,000 or more expire and the president campaigned on that two elections in a row. this time he says he means it. that would mean rates would go up. for
warning, there are now just 50 days until the country hits the fiscal cliff. that's when the automatic spending cuts go into effect and taxes go up for everyone. it could have a potentially disastrous impact on the economy. congress is off but they do come back tomorrow and on friday congressional leaders are expected at the white house. oh, to be a fly on the wall on that one. dana bash is going to be with them. i'm kidding. she is not. it's going to be very closed door. but don't you wish you...
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tell us a little bit about the fiscal cliff here. we know the senate is going to come back on thursday. do we expect the presidt to come back to washington and deal with trying to avoid these tax increases and the spending cuts? >> it really does sound like he'll be coming back, suzanne. it is not official. the white house hasn't put out a schedule update. it seems to be more a matter of when he is coming back rather than if. the senate will reconvene thursday. all eyes there as senate majority leader harry reid tries to cobble together something that can get some republican support. we'll be waiting to see exactly when president obama is coming back but we understand that the senate even though it reconvenes on thursday may not, senate democrats may not roll out a bill until closer to the new year. also get some republican support and put pressure on the house to take it up. >> we'll be following that very closely. have a wonderful christmas and of course we'll talk with you a little bit later. if there are any developments on the f
tell us a little bit about the fiscal cliff here. we know the senate is going to come back on thursday. do we expect the presidt to come back to washington and deal with trying to avoid these tax increases and the spending cuts? >> it really does sound like he'll be coming back, suzanne. it is not official. the white house hasn't put out a schedule update. it seems to be more a matter of when he is coming back rather than if. the senate will reconvene thursday. all eyes there as senate...
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. >> is there any indication from the president that he is hopeful they're able to avoid the fiscal cliff, the automatic spending cuts and the tax hikes that would go into effect next year? >> i think every indication. this is one of the topics discussed during the election and the president nearly every day said we can't afford to extend tax cuts to the high income. we can take a step to make sure middle class families know their tax cuts are extended. that's something the american people heard from them. you saw exit polls coming out of the election more than 60% of the american public thinks tax cuts on the highest income we no longer can afford them. so you know i do think that that's part of the conversation, a part of the decision making process. the president has a flan plapla place. we can move forward on this. he's hopeful members of congress can come to an agreement and avoid the fiscal cliff january 1st. >>> new details on the scandal surrounding former cia director general patreaus. live from the pentagon next. for more than 116 years, ameriprise financial has worked for their
. >> is there any indication from the president that he is hopeful they're able to avoid the fiscal cliff, the automatic spending cuts and the tax hikes that would go into effect next year? >> i think every indication. this is one of the topics discussed during the election and the president nearly every day said we can't afford to extend tax cuts to the high income. we can take a step to make sure middle class families know their tax cuts are extended. that's something the american...
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the mandatory increases across the board taxes from everyone if we go over that fiscal cliff, you got to compromise. there's nothing wrong with compromise. to some liberals on the far left, conservatives on the far right, compromise is a dirty word. you should never compromise with the other side. they hate that. they rather go over the fiscal cliff but the overwhelming majority of americans totally disagree with those hard line positions on the extreme left and the extreme right. they want to compromise and they want a deal and they want the president and john boehner, the republican leadership and democratic leadership to come up with something that avoids going over the fiscal cliff. i think that's what that poll shows. >> let me change topics for a bit. news broke just before the program that republican senator jim demint is leaving. he decided to take over the heritage foundation. i have a question for you in that was this expected? he's a staunch conservative and opponent to craving into democrats and how do those things factor into a way ahead for republicans in the senate? >>
the mandatory increases across the board taxes from everyone if we go over that fiscal cliff, you got to compromise. there's nothing wrong with compromise. to some liberals on the far left, conservatives on the far right, compromise is a dirty word. you should never compromise with the other side. they hate that. they rather go over the fiscal cliff but the overwhelming majority of americans totally disagree with those hard line positions on the extreme left and the extreme right. they want to...
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. >> and tell us about obviously the fiscal cliff being the tax hikes and the spending cuts, how does greece factor into this as well? we see protests, how does that relate who-to-what's happening in the united states? >> greece slowly, surely, painfully, undeniably, inevitably, moving to the position that most economists said we would be in or should be in, and that is that the debt level of greece was unsustainable. they've had several bites of chair are the factor night of the week is they need to cut the debt, cut the interest rate, take their foot off the throat of greece. allow the country to grow. it's going to be painful still for the people of greece. but now perhaps for the first time, we're seeing some real honest deals being made in the cold light of day. one thing that you and i need to think about, as weeks go on, i think that you and i need to have what we call in britain a swear box when we talk to each other. each time one or other of us says that phrase fiscal cliff, that's a dollar to a charity of our choice. >> okay. we can do that. we'll give it a try. hopefully w
. >> and tell us about obviously the fiscal cliff being the tax hikes and the spending cuts, how does greece factor into this as well? we see protests, how does that relate who-to-what's happening in the united states? >> greece slowly, surely, painfully, undeniably, inevitably, moving to the position that most economists said we would be in or should be in, and that is that the debt level of greece was unsustainable. they've had several bites of chair are the factor night of the...
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investors continue to worry about the fiscal cliff, higher taxes and federal spending cuts go into effect all at once. there is an expectation that something will get done, that president obama and congress will hammer out a deal. but until lawmakers get there, analysts say there's not much conviction to buy stocks. >> so should we assume until those negotiations here -- 20 seconds -- until those negotiations are finalized in washington we will continue to see this selling off trend on the street? >> the trend really is downward. don't be surprised you will see some pops of green on the screen. but the trend is down just because there is so many uncertainty. it's not just about
investors continue to worry about the fiscal cliff, higher taxes and federal spending cuts go into effect all at once. there is an expectation that something will get done, that president obama and congress will hammer out a deal. but until lawmakers get there, analysts say there's not much conviction to buy stocks. >> so should we assume until those negotiations here -- 20 seconds -- until those negotiations are finalized in washington we will continue to see this selling off trend on...
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will be will change completely because the fiscal cliff will be in effect and it is going to result in more than $500 billion in tax increases and spending cuts. so it could be hard to get the parties together in deciding how to change that in january. >> jean is following this very closely on cnnmoney.com. go there to get a good understanding of what this fiscal cliff is all about. thanks, jean. >>> word is that elizabeth warren, the brand-new senator-elect from massachusetts is angling to be appointed to the senate banking committee. i hope that happens. the consumer crusader is just what the committee needs. she was president obama's pick to run the newly created consumer finance protection bureau, which she designed, but republican senators on capitol hill refused to even consider confirming her. instead, they did their best to drive her out of town. >> so it has gone beyond your advice to treasury, you're also providing advice to other governmental agencies? >> congressman -- >> i understand, you can use the word congressman a number of times, miss warren, i'm simply asking a v
will be will change completely because the fiscal cliff will be in effect and it is going to result in more than $500 billion in tax increases and spending cuts. so it could be hard to get the parties together in deciding how to change that in january. >> jean is following this very closely on cnnmoney.com. go there to get a good understanding of what this fiscal cliff is all about. thanks, jean. >>> word is that elizabeth warren, the brand-new senator-elect from massachusetts is...
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we know the stocks are down, fiscal cliff. talk about what we think that means for us if we end up going over the fiscal cliff and you're looking at a lot of tax hikes as well as spending cuts. >> yeah. you have to believe if we go over the cliff that some sort of deal will happen up. if not within the first couple days of year, maybe the first couple weeks. what may happen is an impact right away to your paychecks in the early weeks of the new year. here is an idea of what we're in for anyway. we're going to see a lot of tax changes. payroll tax holiday. that would expire, and that means that the amount taken out of your paycheck would go from 4.2% to 6.2%, so that means if you're making $50,000 a year, it means $83 a month comes out of your paycheck. over the cliff it means you have a delay in tax refunds for the 2012 returns and that's because there's yet to be a decision made. also at stake, spending cuts. that can impact jobs. there will be big cuts to defense. that could put about 300,000 jobs at risk. unemployment benef
we know the stocks are down, fiscal cliff. talk about what we think that means for us if we end up going over the fiscal cliff and you're looking at a lot of tax hikes as well as spending cuts. >> yeah. you have to believe if we go over the cliff that some sort of deal will happen up. if not within the first couple days of year, maybe the first couple weeks. what may happen is an impact right away to your paychecks in the early weeks of the new year. here is an idea of what we're in for...
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cliff and that a lot of consumers are taking a wait and see approach, reluctant to go on a spending spree. >>> okay, i know you've got them, you've got questions about the fiscal cliff, so get them to me by tweeting them to me at my handle at allisoncossack and we'll handle as many as we can during our 5:00 hour. >>> now to the latest on that tragic story out of britain. the investigation continues into the apparent suicide of a nurse at the hospital where the duchess of cambridge is being streeted. she took a prank phone call from two radio deejays -- he called the whole thing truly tragic and also said that we are anxious to review the results of an investigation. the family of the nurse posted about her on facebook. her daughter wrote simply, i miss you, i love yochlt. >>> this dallas cowboys took the field against the cincinnati bengals without two players, linebacker jerry brown jr. was killed early yesterday when the car he was riding in hit a curb at high speed in irving, texas. police say the mercedes went 900 feet, flipped and caught fire. police say that nose tackle josh b
cliff and that a lot of consumers are taking a wait and see approach, reluctant to go on a spending spree. >>> okay, i know you've got them, you've got questions about the fiscal cliff, so get them to me by tweeting them to me at my handle at allisoncossack and we'll handle as many as we can during our 5:00 hour. >>> now to the latest on that tragic story out of britain. the investigation continues into the apparent suicide of a nurse at the hospital where the duchess of...
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lawmakers do not reach a fiscal cliff agreement, could you see your taxes skyrocket and deep spending cuts kick in. major spending cuts entitlements and tax increases. house republicans have ended their meetings for the night. we'll find out tomorrow whether they've made any progress in their talks. any deal would have to get enough votes to pass the senate and the house. president obama says sandy hook school shooting was the worst day of his presidency. americans will have to explore their own feelings when his gun law reform proposals come out next year. >> the question then becomes, whether people are actually shook up enough by what happened here, that it does not become another one of these routine episodes where it gets a lot of attention for a couple weeks and then it drifts away. it certainly won't feel like that to me. >> the president says the law he's pushing will address assault style rifles, high capacity magazines and background checks. >>> the fiscal cliff, it's not the only deadline pressing on congress. a five-year farm subsidies bill that expired in september was ne
lawmakers do not reach a fiscal cliff agreement, could you see your taxes skyrocket and deep spending cuts kick in. major spending cuts entitlements and tax increases. house republicans have ended their meetings for the night. we'll find out tomorrow whether they've made any progress in their talks. any deal would have to get enough votes to pass the senate and the house. president obama says sandy hook school shooting was the worst day of his presidency. americans will have to explore their...
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if no fiscal cliff deal is reached, most everyone's taxes will go up tuesday with deep spending cuts kicking in. earlier i spoke with a democratic and republican strategist. maria cardona and anna navarro. they seemed to echo the sentiment of the voters. >> this is like, when you at the beginning of the year and you're in school at the beginning of the year, you get assigned a big project and you leave it until the last night. when i used to do that, my parents used to punish me. if kids were behaving the way these congress people are, they would all be in time-out. if it was the private sector, they'd all be fired. there's absolutely no excuse. the only solution lies with us, the american people, and with us the voters demanding that they start working together and actually coming up with something. we cannot continue having these spectacles every few months. it's like making sausage. >> can we talk about the optics of this, maria? there are many saying this is a republican and democratic problem, we're here because republicans won't play ball. >> well, i mean, it's easy for me to s
if no fiscal cliff deal is reached, most everyone's taxes will go up tuesday with deep spending cuts kicking in. earlier i spoke with a democratic and republican strategist. maria cardona and anna navarro. they seemed to echo the sentiment of the voters. >> this is like, when you at the beginning of the year and you're in school at the beginning of the year, you get assigned a big project and you leave it until the last night. when i used to do that, my parents used to punish me. if kids...
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>>> the fiscal cliff, the fiscal cliff, just 23 days away and if we go over it, automatic spending cuts will take effect, automatically, bam. todd schoenberger is back with me from new york. we spent some time taking questions from viewers who want 20 know how the fiscal cliff will affect them. what will make the headlines? >> bottom line is this, that is if nothing is resolved right now, we are looking at a 20% increase across the board for tax revenue for washington. and you hear a lot about these spending cuts but realistically, we won't see a whole lot of spending cuts, because this way this was actually createded, we would only see spending cuts of .25%. >> one coming from edgar, he says i'm not confused about the fiscal cliff, what i'm confused about is what taxes will be raised? >> that's right. well the payroll tax holiday, it was created in 2010, it had a two-year tax extension, it expires on december 31st. this is a 2% payroll tax that all americans were enjoying. if nothing is resolved, your first paycheck in january is going to be 2% lighter. that may not sound like a lot. b
>>> the fiscal cliff, the fiscal cliff, just 23 days away and if we go over it, automatic spending cuts will take effect, automatically, bam. todd schoenberger is back with me from new york. we spent some time taking questions from viewers who want 20 know how the fiscal cliff will affect them. what will make the headlines? >> bottom line is this, that is if nothing is resolved right now, we are looking at a 20% increase across the board for tax revenue for washington. and you...
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if the nation falls off the fiscal cliff at the end of the year. check this out, seven of ten questioned in our cnn/orc national poll said they there would be major problems or a crisis in the country if that happens. >> part of what voters were looking for, is some compromise up here. that's what, that's what folks want. >> and our poll indicates more americans want the republicans rather than the democrats could compromise more to reach bipartisan solutions. >> the democrat-controlled senate and white house have no plan and have offer nod plan all year to deal with these looming cuts. >>> but the public doesn't seem to agree. and more people would blame republicans in congress rather than the president if no deal is reached. one reason why? more people see the views and policies of the gop rather than the democratic party as too extreme. that wasn't the case two years ago. if there's any good news in the poll for the republicans, it's this -- a small majority say it's good for the country that the gop controls the house. which suggests a public d
if the nation falls off the fiscal cliff at the end of the year. check this out, seven of ten questioned in our cnn/orc national poll said they there would be major problems or a crisis in the country if that happens. >> part of what voters were looking for, is some compromise up here. that's what, that's what folks want. >> and our poll indicates more americans want the republicans rather than the democrats could compromise more to reach bipartisan solutions. >> the...
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many have been saying if we do go over this fiscal cliff that the u.s. economy will go into a recession. this is a combination of these huge federal spending cuts and tax increases that all go into effect unless xng does something about it. it will suck trillions of dollars right out of the economy. would be a huge shock to the system because it includes $55 billion in defense spending cuts, another $55 billion in nondefense and i haven't mentioned the taxes. the taxes in this country will go up because tax cuts will expire like the bush tax cuts, tax holiday. i'm talking about income taxes and capital gains taxes. all of that would go up unless congress and the president can get their act together and stop it all from happening. that's what wall street is going to be focused on until the end of the year. and the way wall street sees it, the way everybody sees it is they'd like to see a deal sooner rather than later especially for a lot of companies. a lot of companies are holding off on hiring because they don't know what the tax situation is going to b
many have been saying if we do go over this fiscal cliff that the u.s. economy will go into a recession. this is a combination of these huge federal spending cuts and tax increases that all go into effect unless xng does something about it. it will suck trillions of dollars right out of the economy. would be a huge shock to the system because it includes $55 billion in defense spending cuts, another $55 billion in nondefense and i haven't mentioned the taxes. the taxes in this country will go...
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cliff. if they can't agree, all taxes go up, massive across the board spending cuts, automatically will go into effect. after a meeting with president obama friday, congressional leaders sounded like they would have a dealing optimistic. take a listen. >>> a constructive meeting with the president to talk about the america's fiscal problem. >> we all know something has to be done. >> it was good. i feel confident that a solution may be in sight. >> we're prepared to put revenue on the table, provided we fix the real problem. >> all right. joining us to talk to about the fiscal cliff what it could mean for the economy if it plunges over the cliff, mark zandi. mark explain to us, there's a lot of optimism here. but what would happen if they didn't come up with an agreement? what would be the impact of the economy immediately? >> well, you know, i don't think it's a wily coyote moment. january 1 the economy would be okay. with each passing day we don't get a deal, angst would rise, stock market
cliff. if they can't agree, all taxes go up, massive across the board spending cuts, automatically will go into effect. after a meeting with president obama friday, congressional leaders sounded like they would have a dealing optimistic. take a listen. >>> a constructive meeting with the president to talk about the america's fiscal problem. >> we all know something has to be done. >> it was good. i feel confident that a solution may be in sight. >> we're prepared to...
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just weeks away from now looms the so-called fiscal cliff, combination of automatic spending cuts and tax increases, mandated by law. within months of the fiscal cliff, congress will be asked to raise the nation's debt ceiling. around the same time, legislation will be needed to keep the government running as a continuing resolution underwhich we're currently operating expires. amid all of the short-term hurdles we face the greatest challenge of all, a massive debt that is smothering growth and exceeding the entire size of our economy. there will be many who will say that with the election over, we should confront the first of these challenges by simply letting the top two tax rates expire and pushing the sequester off to some other date. they would have us engaged in the same short-term temporary policies that have helped put us into this fix. and in essence they're saying let's have more of the same. let's agree to drive our economy off part of the fiscal cliff instead of driving it off the whole fiscal cliff and we'll call it a day. that might get us out of town, but it won't get u
just weeks away from now looms the so-called fiscal cliff, combination of automatic spending cuts and tax increases, mandated by law. within months of the fiscal cliff, congress will be asked to raise the nation's debt ceiling. around the same time, legislation will be needed to keep the government running as a continuing resolution underwhich we're currently operating expires. amid all of the short-term hurdles we face the greatest challenge of all, a massive debt that is smothering growth and...
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cliff. they are going nowhere fast. democrats, they're basically telling republicans, hey, ball's in your court. we'll take you live to the white house for that. also, as the city grieves over an nfl player's tragic breaking point, new debates today about gun control and domestic violence. you'll hear both. but first, the u.s. has long believed syria has a huge stockpile of chemical weapons. now new concerns that chemical arsenal is on the move. secretary of state hillary clinton today issuing another stern warning against syria, using these weapons. the syrian foreign ministry quick to respond here saying it would not use chemical weapons against its people if it had any, but this announcement as turkey is sending warplanes to its border with syria after the syrian military bombed a nearby town of ras al-ain. you can hear that and see the smoke. this is the turkish side of the border. this is fueling more fears that more of syria's violence will spill into its neighbor to the north, being t
cliff. they are going nowhere fast. democrats, they're basically telling republicans, hey, ball's in your court. we'll take you live to the white house for that. also, as the city grieves over an nfl player's tragic breaking point, new debates today about gun control and domestic violence. you'll hear both. but first, the u.s. has long believed syria has a huge stockpile of chemical weapons. now new concerns that chemical arsenal is on the move. secretary of state hillary clinton today issuing...
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. >>> it is game on for fiscal cliff talks. president obama and congressional leaders met today to kick start face to face negotiations. they have 46 days to cut a deal, otherwise massive tax hikes and spending cuts kick in january 1st. >> i think we're all aware we have some urgent business to do. we have to make sure taxes don't go up on middle class families, that our economy remains strong, that we're creating jobs, and that's an agenda that democrats and republicans and independents, people all across the country share. so our challenge is to make sure that, you know, we're able to cooperate together, work together, find some common ground, make some tough compromises, build some consensus, to do the people's business. >> chief business correspondent ali velshi joins me now live from new york. i think of thelma and louise and imagine congress in the front seat driving us off. what does he say about how to get ready for this huge economic pain? did he mention the r word, recession? >> well, he did. this is interesting becau
. >>> it is game on for fiscal cliff talks. president obama and congressional leaders met today to kick start face to face negotiations. they have 46 days to cut a deal, otherwise massive tax hikes and spending cuts kick in january 1st. >> i think we're all aware we have some urgent business to do. we have to make sure taxes don't go up on middle class families, that our economy remains strong, that we're creating jobs, and that's an agenda that democrats and republicans and...